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NEWS THIS WEEK



Trade finance gap reaches record USD2.5tr in 2022

11 September 2023   - The global trade finance gap reached a staggering USD2.5tr
in 2022, a significant rise from USD1.7tr two years ago, according to the 2023
Trade Finance Gaps, Growth and Jobs Survey by the Asian Development Bank (ADB).
This gap quantifies the disparity between requested and approved financing for
imports and exports. While global exports increased... Click for more

HK faces pressure to cut stock trading tax after China’s move 

13 September 2023   - China’s recent decision to reduce its stock trading tax is
pressuring Hong Kong to consider a similar action, potentially impacting about
9% of the city’s budget, which is sourced from stock trading revenue. This has
intensified discussions within Hong Kong, with the city’s dominant political
party, the Democratic Alliance for the Betterment and Progress of... Click for
more

DBS sees wealth management surge from Asia, Europe, Middle East 

15 September 2023   - DBS Group’s wealth management division has seen a surge in
inflows from regions including Asia, the Middle East, and Europe, according to
chief executive Piyush Gupta. Speaking at a Reuters Newsmaker event in
Singapore, Gupta anticipates the net inflows will remain “pretty strong” in the
future. Despite the emergency takeover of Credit Suisse by UBS Group... Click
for more

China eases investment rules for insurers 

11 September 2023   - China has unveiled measures to bolster market sentiment by
allowing insurance companies easier access to domestic stock investments.
China’s National Administration of Financial Regulation announced reduced risk
weightings for insurers investing in CSI 300 Index members and stocks on the
Star market. They will also slash the minimum capital requirements for insurers.
These changes may accelerate insurers’ investments in the capital
market... Click for more

Singapore PM urges G20 to reform WTO

12 September 2023   - Singapore’s Prime Minister, Lee Hsien Loong, addressed
leaders at the G20 summit in New Delhi on September 10, emphasising the need for
reforms within multilateral organisations to tackle global development
challenges. While he recognised the World Trade Organisation (WTO) as crucial
for growth and resilient supply chains, he stressed updating its rules for the
digital age. PM Lee urged the G20 to hasten the WTO reform... Click for more

ASEAN prioritises local currency transactions under Indonesia’s leadership

12 September 2023   - Under Indonesia’s ASEAN chairmanship, emphasis has been
placed on expanding the region’s local currency transaction (LCT) network. Aimed
at enhancing trade, streamlining cross-border payments, and promoting financial
asset substitutability, the initiative has gained unanimous support from ASEAN
leaders. Iss Savitri Hafid, Director of Bank Indonesia’s... Click for more

Abu Dhabi’s state fund opens Beijing office

11 September 2023   - Mubadala Investment Company, Abu Dhabi’s second-largest
state fund, officially inaugurated its Beijing office this week, signalling
warmer relations between China and the Gulf Arab states. This comes amidst the
expanding bilateral relations between the two regions, particularly in
infrastructure, technology, and finance. Although Mubadala began operations in
China a few years ago, the official opening was delayed due to COVID-19... Click
for more

Indonesia aims to become world’s Islamic economy hub 

11 September 2023   - Vice President Ma’ruf Amin announced Indonesia’s
aspiration to be recognised as the global epicentre of the Islamic economy at
the 2023 World Islamic Entrepreneur Summit (WIES) in Padang City, West Sumatra.
The event, co-hosted by the Ministry of Tourism and Creative Economy and the
West Sumatra provincial government, runs from September 6–9. Amin... Click for
more

Economists trim HK’s growth forecasts

12 September 2023   - Economists have trimmed their predictions for Hong Kong’s
economic growth this year, suggesting that the post-pandemic recovery might be
losing momentum. A recent Bloomberg survey indicates that the expected GDP
growth rate has been reduced from 4.6% to 4%. This revision might make it
challenging for the government to achieve its growth target for the year.
Despite this, authorities anticipate an economic expansion... Click for more

Philippines targets boost in Global Innovation Index ranking by 2028

12 September 2023   - President Ferdinand R. Marcos Jr. has set his sights on
improving the Philippines’ position in the World Intellectual Property
Organization’s Global Innovation Index (GII) by the end of his term in 2028. The
nation slipped to 59th in 2022 from 51st the prior year. Marcos highlighted
initiatives such as the National Innovation Agenda and Strategy
Document... Click for more



Malaysia leads in ESG reporting, outpaces Singapore and HK 

15 September 2023   - In recent evaluations, Malaysia has been ranked favourably
in environmental, social, and governance (ESG) reporting, outpacing even its
regional counterparts like Singapore and Hong Kong, according to Grant Thornton
Malaysia. Kishan Jasani, the firm’s CEO, highlighted that Malaysian companies
excel in several ESG reporting areas based on global surveys... Click for more

Hongkongers lag in emergency savings: Prudential survey 

14 September 2023   - A recent survey by Prudential reveals that while 52% of
Hongkongers save for emergencies, the figure is the lowest among five Asian
markets surveyed, Hong Kong, Indonesia, Malaysia, Singapore, and Thailand.
Malaysians led with 67% actively setting money aside for unforeseen situations.
Overall, 60% of the 5,000 respondents save specifically for... Click for more

Aviva exits Singlife, sells stake to Sumitomo for USD1bn 

14 September 2023   - British insurer Aviva is exiting its Singlife joint
venture by selling its 25.9% stake in Singapore Life Holdings and related debt
instruments to Sumitomo Life for £800m (USD997m). The deal is set to conclude in
Q4 2023. Aviva’s CEO, Amanda Blanc, stated this move simplifies the business,
bolstering its position in the UK, Ireland, and Canada. Following the... Click
for more

HSBC Malaysia launches USD106.92m new economy fund

14 September 2023   - HSBC Malaysia has unveiled a USD106.92m ‘HSBC New Economy
Fund’ to boost high-growth businesses in the country’s burgeoning digital
sector. Announced at the Accelerating Sustainability through the Digital Economy
event, the fund aims to back tech-driven firms and startups from Series B stage
onwards. Omar Siddiq, HSBC Malaysia’s CEO, remarked... Click for more

Philippine CEOs remain optimistic despite economic uncertainties

13 September 2023   - The majority of Philippine CEOs remain confident about
their revenue growth in the next 12 months, despite facing threats from elevated
inflation and economic uncertainty, according to a recent survey by PwC
Philippines in collaboration with the Management Association of the Philippines
(MAP). The study revealed that 79% of 157 CEOs expect... Click for more

SGX announces organisational overhaul, names Michael Syn new president

15 September 2023   - The Singapore Exchange (SGX) announced a revamped
organisational structure effective from October 1. Michael Syn is appointed the
new president and will also head the global markets division. Having been with
SGX since 2011, Syn’s expanded role will now oversee all asset classes,
excluding indices. Lee Beng Hong, the current head of fixed income... Click for
more

Citigroup mulls another jobs cut 

14 September 2023   - Citigroup is gearing up for potential layoffs as CEO Jane
Fraser restructures the bank, focusing on five primary businesses. This move
will dissolve the roles of three regional chiefs and the current two core
operating units, affecting an unspecified number of employees. Key changes
include Shahmir Khaliq leading a services unit, Andy Morton overseeing a trading
division, and Gonzalo Luchetti heading US personal banking... Click for more

HSBC appoints Lok Yim as Asia Pacific private banking head

15 September 2023   - HSBC has announced the appointment of former Deutsche Bank
veteran, Lok Yim, as its Asia Pacific head of global private banking, starting
January 1, 2024. Yim, who will assume his role on a designate basis from
November 1, will replace Siew Meng Tan, set to retire following a nearly
four-decade-long banking career, including seven years at... Click for more

Citi makes key appointments in Asia Pacific treasury, trade business

13 September 2023   - Citi has bolstered its Asia Pacific treasury and trade
solutions team with two significant appointments. Sumanta Panigrahi has been
named as the head of trade and working capital solutions (TWCS), APAC, and will
be based in Hong Kong. A Citi veteran since 2000, Panigrahi will focus on
expanding the TWCS business in Asia. Meanwhile, Thus De Silva has been... Click
for more

UBS cuts jobs in Asian wealth management 

13 September 2023   - Shortly after acquiring Swiss rival Credit Suisse, UBS is
set to eliminate around 100 positions from its wealth management sector in Asia.
The job cuts will predominantly occur in banking hubs Hong Kong and Singapore,
in response to decreased client activity amid regional economic slowdowns. Most
affected roles will be within teams absorbed from the Credit Suisse takeover.
UBS’s decision comes in the wake of China’s slowed... Click for more

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